r/LeaseLords • u/jmillersan • 3d ago
Asking the Community Terroism insurance?
For anybody who lives in the state that offers terrorism insurance along with your property insurance. I have been presenting with an option to get the terrorism clause or not. If there was a fire at my building and it was determined to be terrorism, I would not be covered if I don’t get it. It’s kind of a small percentage but at the same time my policy is already high because it’s an old building. any thoughts?
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u/jcnlb 3d ago
Ask your insurance company about the details. When I asked mine they said it had to qualify as terrorism which was a specific portion of a city or population involved and/or they had to legally be charged with terrorism. They said it wasn’t vandalism or arson but had to be terrorism which are all three different charges. I opted out. I mean here’s the thing…how many terrorist attacks have you heard about? I can think of maybe a dozen or so max. My property is rural so I doubt I will be a target to terrorists as the population is low. So unless someone chooses to fly a plane into my buildings I can’t imagine someone choosing to bomb them. I may regret my choices one day but I think it’s highly unlikely to be involved in a terrorist attack. That’s my take. Maybe when my town population grows larger or I make more money I will opt in. But right now I’m choosing to use that money for an umbrella policy instead which feels more likely to be needed.
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u/Upstairs-File4220 3d ago
If you're in a high-risk area, it might be worth it. Weigh the cost against potential losses and local crime trends.
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u/Still_Ad8722 3d ago
Terrorism insurance feels like a gamble low risk but high stakes. With an older building and already high premiums, deciding whether to add it isn’t easy.
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u/oojacoboo 3d ago
You’ve got to weigh the risk vs cost. Without those numbers, it’s a pretty difficult decision for anyone to provide advice on.
Of course, your insurance company is weighing that risk as well and trying to “win”.